What to know:
- Crypto’s weak start of the week had BTC dropping below $80,000 and Ethereum‘s ETH briefly sliding below $2,000. Solana’s SOL, Cardano‘s ADA, Aptos’ APT, Avalanche’s AVAX and NEAR fell 7%-10% over the past 24 hours.
- The downturn in crypto markets coincided with a sharp decline in U.S. equity indices, with crypto equities such as Strategy (MSTR) and Coinbase (COIN) tanking 10%.
- The crypto market is currently lacking near-term positive catalysts and is being impacted by macroeconomic headwinds of a potential tariff war and a slowing economy.
😱 Cryptocurrencies extended a sell-off on Monday as risk assets including equities tanked during the early U.S. hours.
Following a bounce to around $84,000 earlier in the day, perhaps buoyed by Strategy’s $21 billion fundraising plan, bitcoin (BTC) slid below $80,000, down 3.8% over 24 hours. The Ethereum blockchain’s ether (ETH) briefly slipped below $2,000, to trade near its weakest price since November 2023, down around 4%.
The broad-market CoinDesk 20 Index fell 5%, with Solana’s SOL, Cardano’s ADA and Aptos’ APT, Avalanche’s AVAX and NEAR losing between 7% and 10%.
The ugly action in crypto markets came as the already-battered U.S. equity indexes opened the week sharply lower, weighing on sentiment. The Nasdaq tumbled over 3% in the early hours of the session, while the S&P 500 declined 2%.
Crypto equities also felt the heat. Strategy (MSTR), the largest corporate BTC holder, and crypto exchange Coinbase (COIN) lost more than 10%.
With the digital asset summit at the White House and President Donald Trump’s Bitcoin reserve executive order already behind us, crypto markets have run out of near-term positive catalysts and are increasingly weighed down by concerns about a tariff war and a slowing economy.
The economy is in a “transition” phase, Trump said in an interview with Fox News on Sunday, refusing to rule out a recession this year.
😱 “Until crypto finds a new narrative, we’re likely to see an increased correlation between BTC and equities in the near term,” hedge fund QCP said in a Telegram broadcast. “Both risk assets are currently trading near their recent lows, and with tariff risks still looming, volatility could pick up heading into key U.S. macro data releases.”
Read More
- INJ PREDICTION. INJ cryptocurrency
- SPELL PREDICTION. SPELL cryptocurrency
- How To Travel Between Maps In Kingdom Come: Deliverance 2
- LDO PREDICTION. LDO cryptocurrency
- The Hilarious Truth Behind FIFA’s ‘Fake’ Pack Luck: Zwe’s Epic Journey
- How to Craft Reforged Radzig Kobyla’s Sword in Kingdom Come: Deliverance 2
- How to find the Medicine Book and cure Thomas in Kingdom Come: Deliverance 2
- Destiny 2: Countdown to Episode Heresy’s End & Community Reactions
- Deep Rock Galactic: Painful Missions That Will Test Your Skills
- When will Sonic the Hedgehog 3 be on Paramount Plus?
2025-03-10 18:31